v3.25.3
Equity-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan for service and performance based vesting conditions during the nine months ended September 30, 2025 is as follows (in thousands except share and per share data):

 

 

 

Number of
Options
Outstanding

 

 

Weighted
Average
Strike
Price per
Option

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2024

 

 

9,447,790

 

 

$

32.73

 

 

 

7.37

 

 

$

97,715

 

Granted

 

 

2,334,339

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(629,222

)

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(609,314

)

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2025

 

 

10,543,593

 

 

$

33.03

 

 

 

7.24

 

 

$

250,055

 

Exercisable at September 30, 2025

 

 

7,019,386

 

 

$

31.89

 

 

 

6.41

 

 

$

174,944

 

Summary of Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

8,360

 

 

$

7,604

 

 

$

23,943

 

 

$

20,944

 

General and administrative

 

 

7,442

 

 

 

7,300

 

 

 

21,508

 

 

 

20,269

 

Total equity-based compensation

 

$

15,802

 

 

$

14,904

 

 

$

45,451

 

 

$

41,213

 

Summary of Weighted-Average Assumptions

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three and nine months ended September 30, 2025 and 2024 were as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expected term (in years)

 

 

6.08

 

 

 

6.08

 

 

 

5.86

 

 

 

5.79

 

Volatility

 

 

94

%

 

 

67

%

 

 

79

%

 

 

65

%

Risk-free interest rate

 

 

3.81

%

 

 

3.69

%

 

 

3.98

%

 

 

4.12

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Employee Stock Option  
Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three and nine months ended September 30, 2025 and 2024:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

5,919

 

 

$

5,950

 

 

$

17,615

 

 

$

16,925

 

General and administrative

 

 

6,626

 

 

 

6,432

 

 

 

18,891

 

 

 

18,060

 

Total equity-based compensation

 

$

12,545

 

 

$

12,382

 

 

$

36,506

 

 

$

34,985

 

Summary of Restricted Stock Activity

The Company has granted shares of restricted stock units with service-based and performance-based vesting conditions. A summary of restricted stock activity during the nine months ended September 30, 2025 is as follows:

 

 

 

Number of
Units
Outstanding

 

 

Grant Date
Fair Value
per Share

 

Unvested at December 31, 2024

 

 

749,604

 

 

$

32.24

 

Granted

 

 

1,048,773

 

 

 

33.00

 

Vested

 

 

(278,130

)

 

 

29.75

 

Forfeited

 

 

(154,235

)

 

 

32.04

 

Unvested at September 30, 2025

 

 

1,366,012

 

 

$

33.35